...Rating Driven by Shareholder Support: PT Bank Seabank Indonesia's National Long-Term Rating reflects Fitch Ratings' view of a high probability of extraordinary support from its controlling shareholder, Singapore-based Sea Limited (Sea), in times of need. High Ability to Support: SeaBank's balance sheet is growing rapidly but remains small relative to Sea's equity base and ability to support the subsidiary, with SeaBank's equity accounting for only around 3% of Sea's consolidated equity. We expect the group to retain the ability to provide support to the bank over the medium term. High Propensity to Support: SeaBank serves as the banking backbone of Sea's financial services operations in Indonesia, a strategically important market for the group's regional business. It takes advantage of Sea's broader ecosystem to reach underserved consumers and small businesses in Indonesia, and is a growing part of the group's digital financial services franchise. Our assessment of a high likelihood of...
